Tuesday, January 23, 2007

Economics as "Greed"?

In an era when our media and even our education system exalt emotions, while ignoring facts and logic, perhaps we should not be surprised that so many people explain economics by "greed."

Today there are adults -- including educated adults -- who explain multimillion-dollar corporate executives' salaries as being due to "greed."

If people who are capable of being outstanding executives were a dime a dozen, nobody would pay eleven cents a dozen for them.

Many observers who say that they cannot understand how anyone can be worth $100 million a year do not realize that it is not necessary that they understand it, since it is not their money.

All of us have thousands of things happening around us that we do not understand. We use computers all the time but most of us could not build a computer if our life depended on it -- and those few individuals who could probably couldn't grow orchids or train horses.

From economist Thomas Sowell's latest
column.

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home